Morningstar - Harvey Norman Holdings Ltd (HVN) Harvey Norman Beats Our Profit Estimate, but Shares Still Overvalued

Report

Morningstar

Johannes Faul

EUR 101.80 For Business Accounts Only

Harvey Norman Beats Our Profit Estimate, but Shares Still Overvalued

No-moat-rated Harvey Norman reported a solid fiscal 2017 result that exceeded our forecasts and consensus estimates. However, slowing sales growth in Australia and a lower-than-expected dividend weighed on the share price following the announcement. We have increased our fair value estimate to AUD 3.40 per share from AUD 3.30, mainly due to higher expected margins in the company-operated retail segment. New Zealand saw a strong increase in sales due to new store contributions and a buoyant domes...

31/08/2017 12 EN

Underlying

Harvey Norman Holdings Ltd

Harvey Norman Holdings is engaged in integrated retail, franchise, property and digital system. Co.'s business activities include: franchisor; sale of furniture, bedding, computers, communications and consumer electrical products in New Zealand, Singapore, Malaysia, Slovenia, Ireland, Northern Ireland and Croatia; property investment; lessor of premises to Harvey Norman®, Domayne® and Joyce Mayne® franchisees and other third parties; media placement; and provision of consumer finance and other commercial advances.

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AU000000HVN7 Australian Securities Exchange Australia

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Johannes Faul

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Harvey Norman Beats Our Profit Estimate, but Shares Still Overvalued

Harvey Norman Holdings Limited: 1 director

With a more favourable environment, HARVEY NORMAN HOLDINGS improves to Slightly Positive

Monthly LMI Update Independent Investment Research

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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